Analysis: DRIFT/USDT (1D)



Chart Review and Patterns:


• A falling channel formation is observed on the chart. This formation generally indicates that the price is moving between descending peaks and valleys and that the trend is downward.


• The price approaching the lower band of the channel has the potential to receive a reaction from here. At this point, a possible upward breakout may occur.



Support and Resistance Levels:


• Support Levels:


• The lower band of the channel (around 0.90-1.00 USDT range) may act as a significant support.


• If it moves out of the channel, the next support zone may be located around 0.80 USDT.


• Resistance Levels:


• The upper band of the channel (around 1.50 USDT) appears as a strong resistance.


• In case of a breakout above the channel, the price may target the 2.00 USDT level.



Target Prices:


• Short-term target: Continuation of movement within the channel, 1.25-1.30 USDT.


• Medium term target in case of channel breakout: 1.50-2.00 USDT.


• If an uptrend begins in the broader perspective, the price may have the potential to move higher.



Indicators:


• RSI (Relative Strength Index): If it is close to the oversold region, the possibility of buyers stepping in may increase.


• Volume: If there is an increase in volume during the recent decline, this may indicate that selling pressure is still ongoing. An upward movement can be confirmed with an increase in volume.


• Moving Averages (MA): If the short-term MAs (e.g. MA20) are below the price, this could provide short-term support.



Trend Direction:


• Currently the chart is down in the short term, but a reversal signal may occur at the lower band of the channel.


• In order for a long-term upward trend to begin, a break above the upper band of the falling channel and persistence above this level are required.



Strategy and Recommendations:


1. Channel Lower Band: Observe if there is support from the channel lower band (around 0.90-1.00 USDT). A reaction from here could present a buying opportunity.


2. Channel Upper Band: If the price reaches the 1.50 USDT level, selling pressure may come from this resistance. Be careful at this level.


3. Channel Breakout: Buying can be done on the upward breakout of the channel. After the breakout, targets will be 1.75 USDT and 2.00 USDT respectively.


4. Stop-Loss: If the channel lower band is broken, protect your position with stop-loss orders.



In order to enter a clear uptrend, the price must break the resistance levels with high volume. Do not forget to take profits in short-term trades.